Similar to other web browsers, Google Chrome stores most of the web page contents such as Flash videos, images, music files, etc, in cache folder.
The default setup of version 6.0.472.55 on Windows 7 defines Google Chrome cache folder at this following path:

%LocalAppData%\Google\Chrome\user data\default\cache

You can certainly open that cache folder path in Windows Explorer:

For those who use --user-data-dir option to customize Google Chrome user directory (as shown in following screenshot):

The Google Chrome user-defined cache folder is thus located in the customized user directory at default\cache folder (where in my case, it is D:\Chrome\default\cache).